The Indian Premier League (IPL) has been valued at an estimated $20.6 billion after ownership deals involving two of its biggest franchises, according to a report released by investment bank Houlihan Lokey on Wednesday.
The report said the T20 league's value increased by 10.3 per cent over the past year, reinforcing its position as one of the world's most valuable sports brands.
"On a per-match basis, only the NFL ranks ahead of the IPL globally," it added.
Royal Challengers Bengaluru, IPL champions for the last two seasons and home to superstar Virat Kohli, remained the league's most valuable franchise with a brand value of $312 million.
The franchise was recently acquired by a consortium that includes US asset management giant Blackstone in a deal worth nearly $1.8 billion, making it the most expensive franchise transaction in IPL history.
Rajasthan Royals also changed ownership in a deal valued at $1.65 billion. Indian steel tycoon Lakshmi N. Mittal and his family joined vaccine billionaire Adar Poonawalla in taking control of the franchise.
"Cricket's evolution into a globally owned, institutionally backed asset class has accelerated further in 2026, with the IPL continuing to redefine the global sports landscape," Houlihan Lokey's Harsh Talikoti said.
"These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity," he said in a statement.
Launched in 2008, the IPL has become a major source of revenue for the Board of Control for Cricket in India.
It was estimated to generate more than $11 billion a year for the Indian economy in 2020.
The league has also inspired similar cricket tournaments around the world, along with Indian domestic franchise competitions in sports including boxing, badminton, poker and kabaddi.
